Investing for retirement has become more and more important over the years. The economy is not always stable and it has become extremely important to secure finances after retirement. With people retiring at the same age, but living much longer now than ever before, some people are spending a third of their life in retirement. During this time, they may rely on some of their retirement investments to pay for medical needs or helping with the expenses of their children or grandchildren. Others want to invest in retirement plans to help their heirs avoid complications when they pass away. However, retirement planning can be a difficult process to understand and an even more difficult process to work out without assistance.

Because of this, using asset management advisors has become a very popular strategy. When planning something such as a 401k, there is usually no need for investment advice or professional assistance. Typically, these plans are easy enough to understand. A person is often allowed to choose their own investment policies for their 401k. They may be given options with higher returns or options which are safer. All 401k plans vary slightly based on individual circumstances. However, they are fairly basic, most involving a matching plan wherein the company matches all or a portion of what the employee pays. When considering investment outside of work-related plans, it is important to know exactly what you are getting into.

IRA plans and Roth IRA plans are fairly similar, with only a few twists between them. They are a fairly safe option for retirement investing. An asset management advisor will help you better understand the differences in the two plans. A Roth IRA plan allows the investor to pay the tax money up front, rather than after the payments have been made. Since it is typically easier to make tax payments while still receiving a paycheck, this can help some people out. An asset management advisor will help you choose which one, if either, is right for you. This will cut out a lot of the confusion.

One of the biggest reasons to hire an asset management advisor to help with personal finances is because of potential financial traps such as annuity. While annuity may work for some, many people will jump into something that sounds promising immediately. Without knowing exactly what they are entering into, these programs can be financial death traps for people. They may not realize that there are numerous small fees associated with the plan that can negate the positive aspects.

Only a financial advisor with experience in the area can really provide personal assistance that is pertinent on an individual level. It is important that a person put in the extra effort into retirement planning. Not only is your future financial security at stake, but potentially the future of the people who deal with your estate after you are gone. For their sake, if for no other reason, hiring an asset management advisor is a wise decision when it comes to retirement planning.

We are generally apprehensive of the unknown and this is true of contacting debt Management organisations as we don’t know what to expect. When you have made contact with a Debt Management charity you should then be put through to a debt management advisor. The debt advisor will assess your current personal financial situation and they will calculate your monthly affordability to pay your outstanding debts and commitments. (Mortgage, Loans, Store Cards and Credit Cards) Once they have accessed your current situation they will then be able to advise you what to do. They will recommend one of four different types of solutions, in order to provide you with a debt solution:-

1. Restructure your debt
Here you contact your loan providers and ask if you could increase the term of your loans, this will reduce your monthly payments. (just be aware that you will pay more in interest if you extend the term) You could depending on your age increase the term of your mortgage as long as it is paid before you retire or you may switch your mortgage to interest only from a repayment mortgage. This needs a lot of serious consideration as you will be leaving your home without a repayment vehicle to pay off your mortgage when you retire.(before doing any of these always take professional advise)

2. Debt Management Plan
Your debt management advisor will send every company that you owe money to a statement of your monthly income and outgoings. They will provide each of your creditors with a list detailing how they have broken down your payments and how much you can afford to pay each of your creditors monthly. You then repay your creditors back monthly and if your finances improve you will pay them more, in order to clear the outstanding debt you owe them. Your debt advisor will ask each of your creditors to stop charging you any further interest on the money you still owe them. It is dependent on each individual credit as to whether or not they agree to this.

3. Individual Voluntary Arrangement (IVA)
This is a legal agreement that is drawn up with all the companies that you owe money to. Your monthly payments are then agreed through the courts and you pay your IVA practitioner who then pays your creditors as agreed. An IVA is managed by an IVA Practitioner who oversees the whole process. The repayments are based on your affordability and your creditors agreeing to a reduced payment over the next three to five years

4. Bankruptcy
Circumstances might be so bad that your debt advisor may recommend you applying for Bankruptcy or you could wait until one of your creditor’s makes you bankrupt. This solution is normally recommended when your debts are so huge and you have no ability to pay them off. Bankruptcy can last for 12months to 5 years.

Of course there is a fifth option which is to ignore your whole situation and carry on as though nothing is wrong – this is certainly not advisable as this is probably part of the reason why you are in this mess in the first place.

Here are two warnings that you need to know about:

1. What ever you do don’t be tempted to abandon your property. Your mortgage lender can still add interest and charges to your debt until your home is sold. They can pursue you for the money for up to 12 years for their money. Try and sell you home first or seek a solution. Best solution here is pay the mortgage first each month this keeps a roof over your head and then divide what is left between the other creditors you owe money to after you have paid your utility bills and food bills. Make sure you pay them something each month.

2. Beware of Rent-buy-back schemes. This is another option which has appeared recently – Its being touted as the mortgage rescue plan or rent-back schemes and is not regulates at all. Be careful of these schemes as they will buy your home from you to get you out of a problem with your mortgage lender now at a knock down price for an immediate sale. They then offer to rent your home back to you so that you can continue living there. Slowly over a period of time they start to increase your rent in order to get you to move out. Take advice first!

In answer to the question of do Debt management Advisors bite? No they don’t bite but they can help and assist you. However be aware of any debt management company that offer to take on your situation for an upfront fee and a monthly fee in order to help administer your debt management plan. They will bite you as you will pay less to the companies you owe money to and you will end up getting further into debt to get out of debt!

I am advising you to contact a professional advisor from a Debt Management company or the Consumer Credit Counselling Services (CCCS) and talk through your personal circumstances first and take their advice. Don’t bury your head and hope the problem will go away or that you will win the National Lottery, the chances of that happening are 17,000 to 1.

Adults of all ages should always have an eye on their financial well-being, especially during the retirement years. If you are just 30 years old, the last thing you may be thinking about is retirement: but you had better! Most of us have only a fleeting knowledge about investment and other options to help increase our wealth; but a wealth management wealth management advisor can help you make more educated and smarter decisions. Here are some reasons why you should look into hiring one no matter what stage of life you are in.

If You Are 35 or Younger: Did you know that if you sock away just 100 dollars a month into a good IRA for the rest of your working life, you could easily end up with a comfortable nest egg valued at one million dollars or more? It really does pay to start saving and investing wisely from as young an age as possible. A wealth management advisor can help you strategize for the future so that you won’t end up having to work any longer than you need to.

If You Are 35-50: These are your peak earning years. Now is really the time to start kicking your financial planning into high gear if you haven’t already. An advisor can show you how to diversify your investments to maximum benefit.

If You Are Retired: This is the time when you can start cashing in on your IRAs, take advantage of an annuity and start living off the interest on the money you have accumulated during your lifetime. It’s an especially important time to get wealth management help since you no longer have the option of a working income to fall back on and need to make money last. If you plan on passing on money to your heirs, an advisor can also help you to arrange your estate in such a way as to keep as much of your money out of the tax man’s hands and put more into your heirs’ pockets.

Like most financial matters, making the most of your money is a task best left to professionals: no matter what stage of life you are in.